Pump Price Falls Again at BP

19 November 2008

News Release

Pump Price Falls Again at BP

The price of petrol and diesel fell again today with BP decreasing the price by a further 5 cents per litre.

This is BP’s seventh price decrease in the last month, with petrol falling a total of 33 cents per litre in that period, while diesel has fallen 15 cents per litre in the same period.

BP Managing Director Peter Griffiths says the change is due to continued decreases in the international price of refined petrol and a recent easing in the international price of diesel.

“BP monitors these costs daily and is committed to passing on the benefits of lower product prices to motorists as quickly as possible.”

Pump prices in New Zealand are determined by the international price of refined petrol and diesel (purchased in US dollars), the US/NZ exchange rate, taxes and levies, international shipping costs and local operational costs.

Petrol is now the cheapest it has been since May 2007 and has fallen 70 cents per litre since July this year.

Prices at most BP owned service stations have dropped to 148.9 cents per litre for Unleaded 91 and 120.9 cents per litre for diesel.

ENDS

Notes:
There are over 100 independently-owned BP service stations in New Zealand.
They buy their fuel off BP at a wholesale price and by law must set their own pump prices.

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